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    1317 Punta Gorda St

    Santa Barbara, CA 93103
    • $6,995,000
    • STATUS: Active
    • ON SITE: 14 days
    • MLS #: 20-4464
    UPDATED: 22 min ago
    $6,995,000
    • 0
      BEDS
    • 0.55
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Vacant Land / Lots
    County:

    School Information

    Elementary School:
    Middle School:
    High School:
    Listing provided courtesy of Radius Group Commercial R.E..

    Description

    The offering consists of a .55 acre lot with entitlements to build 14 units with seven (7) two-story duplexes on one lot. All units consist of a 2 bedroom 2.5 bath unit. The property is currently at the end of plan check with permits expected to be ready to pull in less than two months and a grading permit accessible in approximately one month. The owner is willing to develop the property and deliver the land and fully constructed 12,908 SF, 14 unit building for a price of $6,995,000, to close upon issuance of the certificate of occupancy.At a projected rent of $3,000 for each newly constructed two-story townhouse unit, the capitalization rate on current income would be approximately 5.00% for a brand new asset. Furthermore, newly constructed buildings are not subject to AB1482 rent restrictions. The completion of the project is expected to be 18 months from the current rent. Incredible opportunity for the Buyer to purchase either fully entitled land or one of the only new construction turn-key assets that will be available in the city of Santa Barbara. Call listing agents for more details.

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    © 2020 Santa Barbara Multiple Listing Service. All rights reserved. Based on information from the Santa Barbara MLS as of 2020-12-01T12:47:00.71. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Data last updated 2020-12-01T12:47:00.71.
    www.searchsbhomes.com/homes/111930205
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    1317 Punta Gorda St Santa Barbara, CA 93103

    • Price: $6,995,000
    • Status: Active
    • Updated: 22 min ago
    • MLS #: 20-4464
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.55
    Acres
    Neighborhood:
    15 - Lower Eastside
    County:
    Santa Barbara
    Area:
    SB/East of State
    Elementary School:
    Cleveland
    Middle School:
    S.B. Jr.
    High School:
    S.B. Sr.
    Property Description
    The offering consists of a .55 acre lot with entitlements to build 14 units with seven (7) two-story duplexes on one lot. All units consist of a 2 bedroom 2.5 bath unit. The property is currently at the end of plan check with permits expected to be ready to pull in less than two months and a grading permit accessible in approximately one month. The owner is willing to develop the property and deliver the land and fully constructed 12,908 SF, 14 unit building for a price of $6,995,000, to close upon issuance of the certificate of occupancy.At a projected rent of $3,000 for each newly constructed two-story townhouse unit, the capitalization rate on current income would be approximately 5.00% for a brand new asset. Furthermore, newly constructed buildings are not subject to AB1482 rent restrictions. The completion of the project is expected to be 18 months from the current rent. Incredible opportunity for the Buyer to purchase either fully entitled land or one of the only new construction turn-key assets that will be available in the city of Santa Barbara. Call listing agents for more details.
    Property Features

    Cross Street South Salinas Street Deposit 3.00 Location Topography Level Terms CashCtelCtnl Type Res Multi-Unit Zoning R-3

    Listing information © 2020 Santa Barbara MLS
    Listing provided courtesy of Radius Group Commercial R.E..



    © 2020 Santa Barbara Multiple Listing Service. All rights reserved. Based on information from the Santa Barbara MLS as of 2020-12-01T12:47:00.71. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Data last updated 2020-12-01T12:47:00.71.
     
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    Chris Gregoire & Chad Beuoy Real Estate | Compass
    1101 Coast Village Road
    Montecito CA, 93108
    Listing provided courtesy of Radius Group Commercial R.E..